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International House of Auctions

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“You might come here thinking to get a piece of auction, and leave with a leg-shaped lamp. Just sayin'.”
~ Auction House
International House of Auctions
342011 92703 AM
Type: Economic
Location: Townshire, Upper Townshire
A place for buying, selling, bidding and auctioning items.











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DescriptionEdit

Using the auction house (also known as IHoA or International House of Auctions) is a great way to purchase, bid, sell and auction items. The auction house offers a variety of basic functionalities including but not limited to :

  • The ability to purchase items at a listed price
  • The ability to sell items at a wanted price
  • The ability to bid for items at a listed price
  • The ability to set a minimum bid at a listed price
  • The ability to have an autoscaled incremental set price for bidding based on the value of the item
  • The ability to auction an unlimited amount of items
  • The ability to purchase/bid on an unlimited amount of items
  • The ability to manage your auctions and bids
  • The ability to cancel your auctions with a 100 fubar fee
  • The ability to search filter items by equipment, armor, usable and miscellaneous items.
  • The ability to search filter items by specific text to a referenced item

In order to access the auction house, you must first go through townshire. From there, go to Upper townshire and the building will appear.

Interfaceauctionhouse

Figure 1 : Auction House Search Interface
















The interface is simple to maneuver through. In the search panel, you can filter items by text or type. The quantity of each item is listed in the box next to the icons beneath the item category. In addition, the auction house also tells you when the auction will expire in days(7-1), in hours(1-24) and in minutes(1-60). You can also choose to Buy Now!, if you feel that the item is cheap to purchase or if you really really want it. In the create an auction tab, you can set the quantity of each item you want to auction. The value displayed is the price shown if it were to be sold by NPCs. NPCs buy the item for 1/2 of the value listed. Most items can be sold for 1.25x to 2x the price of the value listed, although some items are better sold off for 60-70% of the value listed and others with a value of 1 fubar can be worth much more. In addition, you can set a buy out price and a duration time for the auction to end. In the manage tab, you can keep track of all your bids and auctions.

Interfaceauctionhouse2

Figure 2 : Auction Creation Interface














Marketing TipsEdit

On selling:

  • Set your buy and bid prices relative to the importance of the item.
  • Be realistic. If you use bids, you may take losses, you may get more than you wanted - that's how auctions are. If you try to sell vendor trash for anything higher than two or three digits, you won't be selling it at all.
  • Set initial bid prices to the bottom line of what you'd want for the item.
  • Take a look at similar items to try to gauge your pricing. If items go for much higher than the price you were planning to set, you might get the item to sell easier.
  • Certain items (such as Tin Gel Hats) are in consistent high demand, so prices are generally higher than what you'd expect.

On buying:

  • Go ahead and make a full search for the item instead of skimming through the first few pages or just blindly accepting the first offer that meets your gaze - sometimes items that have a longer wait time go for less than you'd bid for that item that expires in 49 minutes.
  • If you don't mind waiting for the item, feel free to just bid for it instead of buying it outright. The worst that could happen is that you could lose the bid.
  • Make sure of the quantity of the item before you bid. Some items (such as Zombie Hunter Seals) come in many different numbers for wildly varying prices. Don't waste a crapload of fubars for something you could have gotten in two parts for cheaper.

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